Top Banking Stocks Surge in Morning Session (PRWT, Citigroup, BAC, RF, AIB, PCBC)

PremierWest Bancorp (NASDAQ:PRWT) soared 28.21%to $0.679. PremierWest Bancorp, the parent company of PremierWest Bank, today announced the successful completion of its common stock offering, raising $33.3 million in gross proceeds from the sale of 75,607,765 shares. The offering was completed in two stages. The first stage was a shareholder rights offering whereby existing shareholders were provided the opportunity to purchase 3.3 shares of PremierWest Bancorp common stock for each share owned as of the December 15, 2009 record date. The initial rights offering generated approximately $18.7 million in gross proceeds.

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Citigroup Inc. (NYSE:C) rose 0.82% to $4.32.  Over the last 52 weeks the stock has ranged from a low of $2.55 to a high of $5.43.  So far in this year the stock surged 30%.

Bank of America Corporation (NYSE:BAC) gains 0.70% to $18.62. Today the company announced it will activate its disaster relief program in Rhode Island and seven Massachusetts counties (Bristol, Essex, Middlesex, Norfolk, Plymouth, Suffolk and Worcester), all designated disaster areas by the Federal Emergency Management Agency. The Bank of America Charitable Foundation also announced it will donate $50,000 to the American Red Cross Disaster Relief Fund to support relief efforts in Rhode Island, which has been impacted by the worst flooding the state has seen in 100 years. Over the last 52 weeks the stock has ranged from a low of $6.91 to a high of $19.10. So far in this year the stock surged 23%.

Regions Financial Corporation (NYSE:RF) added 1.05% to $8.64. The stock today also touched a new 52 week high at $8.90. So far in this year the stock surged 62%.

Allied Irish Banks, plc. (ADR) (NYSE:AIB) surged 6.27% to $3.90. Over the last 52 weeks the stock has ranged from a low of $2.02 to a high of $10.42.

Pacific Capital Bancorp (NASDAQ:PCBC) zoomed 11.16% to $2.39. Over the last 52 weeks the stock has ranged from a low of $0.61 to a high of $8.86.

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